£1bn Economic Boost for Reading Residents
A new report commissioned by CityFibre, the UK’s largest independent carrier-neutral full-fibre platform, has found that Reading will be a major beneficiary of the rollout of future-proof full-fibre infrastructure now being deployed across the UK city is in full swing. The study by consultancy Hatch (Economic Impact of Full fibre Infrastructure from CityFibres Network) estimates that the positive impact of CityFibres’ £58m investment in Reading will include £625m in productivity and innovation gains over 15 years,138 Millions from an expanded workforce, 18m in local government savings and 384m in higher housing value. Technological benefits are also a focus of the report, which shows that the CityFibres network in Reading will help generate £1bn in gross value added (GVA) from 5G services, £249m from IoT and £263m from smart city initiatives such as intelligent traffic management systems and street lighting.
The increase in labor productivity is estimated at over 35 million. The direct impact of network construction is also identified as an important factor in Reading’s economic growth creating network construction jobs within CityFibres’ construction partners and supply chain. Wherever possible, the new positions will be recruited locally to support the rollout. In total, the UK benefits from over £38 billion in potential economic benefits.
This is due to the positive effect that much faster and more reliable digital connectivity has been proven to have on business productivity and innovation, increasing sales and helping to create new companies and business models.
Stacey King, Area Manager at CityFibre said: “This report demonstrates the power and imperative of full fibre as a catalyst for growth and a platform for innovation and investment. Reading is fast becoming one of the most digitally connected cities in the UK and the opportunity for residents and local businesses is huge.”
